Annexon(US:ANNX)2025-11-10 21:08Financial Performance - The company reported a net loss of $54.9 million, or $0.37 per share, for Q3 2025, compared to a net loss of $34.8 million, or $0.25 per share, for Q3 2024[6][12]. - General and administrative (G&A) expenses decreased to $7.3 million for Q3 2025 from $9.3 million in Q3 2024, reflecting corporate efficiencies[6][12]. Research and Development - Research and development (R&D) expenses increased to $49.7 million for Q3 2025, up from $30.1 million in Q3 2024, primarily due to advancements in the Phase 3 ARCHER II trial and global filings for GBS[6][12]. - The Tanruprubart GBS dossier is on track for MAA filing in January 2026, aiming to be the first approved targeted therapy for GBS, which affects approximately 150,000 people annually worldwide[1][2]. - The registrational Phase 3 ARCHER II trial for vonaprument in GA completed enrollment with 659 patients, with topline data expected in the second half of 2026[6][7]. - Vonaprument demonstrated a 73% reduction in the risk of vision loss in the Phase 2 trial, targeting the preservation of vision for over eight million GA patients globally[6][7]. - The ANX1502 proof of concept study for Cold Agglutinin Disease is ongoing, with completion anticipated in 2026, potentially making it the only oral C1s inhibitor for multiple neuroinflammatory autoimmune diseases[1][3][6]. - The company anticipates initial pharmacokinetic and biomarker data from the FORWARD study of Tanruprubart in 2026, which aims to broaden Western experience with the therapy[3][7]. Financial Position - Total current assets decreased from $316,461 million in December 2024 to $192,822 million in September 2025, a decline of approximately 39%[14]. - Total liabilities increased from $56,966 million in December 2024 to $67,700 million in September 2025, an increase of about 19%[14]. - Stockholders' equity dropped significantly from $293,105 million in December 2024 to $161,442 million in September 2025, a decrease of approximately 45%[14]. - Cash and cash equivalents rose to $139,419 million in September 2025, compared to $49,498 million in December 2024, representing a growth of over 180%[14]. - Accounts payable increased from $10,426 million in December 2024 to $18,219 million in September 2025, an increase of about 74%[14]. - Accumulated deficit worsened from $(710,699) million in December 2024 to $(869,133) million in September 2025, reflecting a deterioration of approximately 22%[14]. - Total assets decreased from $350,071 million in December 2024 to $229,142 million in September 2025, a decline of about 35%[14]. - Operating lease liabilities, current rose from $2,518 million in December 2024 to $2,818 million in September 2025, an increase of approximately 12%[14]. - Additional paid-in capital increased from $1,003,685 million in December 2024 to $1,030,536 million in September 2025, a growth of about 3%[14]. - Other non-current assets increased from $3,235 million in December 2024 to $8,549 million in September 2025, a significant increase of approximately 164%[14]. Collaboration and Commercialization - The company is engaged in discussions with pharmaceutical companies for collaboration opportunities to commercialize Tanruprubart for GBS in various geographies[6][7].